Fed holds interest rates steady

Plus: Existing-home sales jumped 4.2% in February

🏝️ Happy Friday! Today’s newsletter is 631 words, a 2.5-minute read. Let’s go…

Disclaimer: Average mortgage rates as of Mar 20, 2025. © MND Daily Rate Index.

1. Existing-home sales jumped 4.2% in February

Existing home sales unexpectedly increased in February as rising supply pulled buyers back into the market, but rising economic uncertainty could limit further gains.

Home sales rose 4.2% last month to a seasonally adjusted annual rate of 4.26 million units, the NAR said on Thursday. Regionally, and month-over-month, existing-home sales were down 2.0% in the Northeast, flat in the Midwest, up 4.4% in the South, and up 13.3% in the West.

"Home buyers are slowly entering the market, said Lawrence Yun, the NAR's chief economist. "Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand."

2. Top execs at Freddie Mac, FHFA fired

The Trump administration yesterday fired the CEO of mortgage giant Freddie Mac and placed two senior officials at the nation’s top housing regulator on administrative leave.

Newly installed Federal Housing Finance Agency Director Bill Pulte axed Freddie CEO Diana Reid, according to two people with knowledge of the dismissal who were granted anonymity to discuss internal moves.

Pulte placed FHFA Chief Operating Officer Gina Cross and Human Resources Director Monica Matthews on leave earlier in the day, after putting dozens of agency employees on leave this week.

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3. More Nuggets

🏡 Some home buyers are hoping for a recession to bring down housing prices. Are they right? (MarketWatch)

💸 Nine to CoStar: Stump up more cash if you want to buy Domain. (PPW)

👋 Musk ally abruptly resigns from Fannie Mae board one day after appointment. (Bloomberg)

📝 CHLA urges FHFA director to keep issues for small IMBs in mind. (HousingWire)

📊 Mortgage rates very close to multi-month lows. (MND)

🚨 Coach’s Corner

Have fun in your Marketing! Here is why… (Youtube)

— Dave Krichmar CEO

4. USDA ends temporary loan eligibility for non-U.S. citizens

​The USDA Single-Family Housing Guaranteed Loan Program has announced the immediate termination of the temporary authority that allows some non-U.S. citizens to be eligible for a guaranteed loan.

This temporary authority, initially communicated on April 29, 2022, is no longer valid as of March 18, 2025.

The USDA has indicated that Chapter 8 of Handbook 1-3555 will be updated to reflect these changes. Additionally, a Job Aid to assist in determining eligibility will be available in the USDA LINC Training and Resource Library.

5. Fed holds interest rates steady

Federal Reserve officials held their benchmark interest rate steady for a second straight meeting, caught between mounting concerns that the economy is slowing and inflation could remain stubbornly high.

Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s significant policy changes, but repeated the central bank is not in a hurry to adjust borrowing costs.

He said officials can afford to wait for more clarity on how those policies are affecting the economy before taking further action. The benchmark federal funds rate remains in the 4.25% to 4.5% range.

☀️ You’re all caught up. See you on Monday!

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